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Vail Resorts, Inc.

MTN · Communications · $5.4B mkt cap · FY2026 filings · · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

41

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $2.5B to $2.8B, increasing; diluted EPS 8.55 to 4.12, decreasing.

—

Not enough years of gross-margin data to score pricing power.

42

Median ROIC 11.5%, above the 12% hurdle in 40% of years.

0

Net debt/EBITDA 4.1x, interest coverage 2x.

52

Owner earnings changed -1.6%/yr over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
62% above value if growth stopped today
$299M
$93.22
$151.02
$151.01
62% above value if growth stopped today

What today’s price assumes: owner earnings growing ~10%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 18, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $1.0B (FY2009) to $2.8B (FY2026) — about 6.3% a year compounded over 17 years.

It earned 9.9% on invested capital in the latest filed year, FY2026. Across the full 18-year measurable filed record, median ROIC was 9.8%. Over the v3 recent window (10 measurable filed years), median ROIC was 11.5%. The Returns on Capital filter above scores it 42/100.

The balance sheet carried $3.2B of total debt in FY2026 against $222M of owner earnings — roughly 14.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2026 · 19 fiscal years, normalized from MTN’s SEC filings

Sales, as filed$2.8B FY2026
$0$2B2008201420202026
Revenue kept after cost of goods

Not disclosed in MTN’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICStandard ROIC 10.0% FY2026

Exact FY and FY-1 financing invested-capital inputs are required.

0%10%2008201420202026
Cash an owner could take out$222M FY2026
$0$200M$400M2008201420202026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Vail Resorts, Inc. makes its money

Vail Resorts, Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$2.8B100%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
$421M15%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Income before tax$227M8%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Income tax$56.2M2%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
$148M5%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
· event Jul 31, 2026 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What Vail Resorts, Inc. owns — and owes

Vail Resorts, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$5.5B100%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Cash and equivalents$231M4%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
$3.2B58%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Stockholders’ equity$241M4%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
· event Jul 31, 2026 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What drives Vail Resorts, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity44%Tax burden65%net income ÷ pretax incomeInterest burden54%pretax ÷ operating incomeOperating margin15%operating income ÷ revenueAsset turnover0.50×revenue ÷ average assetsEquity multiplier17.00×average assets ÷ average equityAs of 2026-07-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$148MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Income before tax$227MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Operating income$421MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
$2.8BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Ending assets$5.5BFY2026
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Beginning assets$5.8BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000812011-25-000104 · filed Sep 29, 2025
  • 10-K · FY 2025Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
$241MFY2026
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
$424MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000812011-25-000104 · filed Sep 29, 2025
  • 10-K · FY 2025Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Source: · event Jul 31, 2026 · retrieved Oct 18, 2026 · annual-row source set
Embed this chart

Flagship explainer

Where Vail Resorts, Inc.'s cash went

Vail Resorts, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$480M100%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Depreciation and amortization$306M64%
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
Source:
  • 10-K · FY 2026Filing detailsAccession 0000812011-26-000049 · filed Sep 28, 2026
· event Jul 31, 2026 · retrieved Oct 18, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Vail Resorts, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

2 holding0 exited16 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
First Eagle47,538 shares$6.5M · 0% of eligible reported 13FAdded to position · +23,769 shares (100%)
Oakmark / Harris Associates764,385 shares$104M · 0% of eligible reported 13FAdded to position · +18,827 shares (3%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 18, 2026

Flagship explainer

What Vail Resorts, Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 19, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

31 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale33.8 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Oct 18, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Shallow moatNo moatSep 29, 2026
  2. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  3. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  4. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 19, 2026.

85 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (100 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Gronberg Nathan MarkVP, Controller & CAOGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,327—Grant, award, or other acquisition (A)—1,327Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,327 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,327 ·
Gronberg Nathan MarkVP, Controller & CAOGrant, award, or other acquisition (A)Table II · Acquired · Share Appreciation Right4,675$141.16$659,9234,675Oct 3, 2026
1 filed lot
  • Table II · Share Appreciation Right: 4,675 shares at $141.16 · code A · owned after 4,675 ·
Korch Angela AEVP & Chief Financial OfficerGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit7,454—Grant, award, or other acquisition (A)—7,454Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 7,454 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 7,454 ·
Korch Angela AEVP & Chief Financial OfficerGrant, award, or other acquisition (A)Table II · Acquired · Share Appreciation Right26,262$141.16$3,707,14426,262Oct 3, 2026
1 filed lot
  • Table II · Share Appreciation Right: 26,262 shares at $141.16 · code A · owned after 26,262 ·
Knobloch IrisDirectorGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,662—Grant, award, or other acquisition (A)—1,662Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,662 ·
Kunkel LynanneChief HR & Trnsfrm OfcGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit6,375—Grant, award, or other acquisition (A)—6,375Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 6,375 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 6,375 ·
Kunkel LynanneChief HR & Trnsfrm OfcGrant, award, or other acquisition (A)Table II · Acquired · Share Appreciation Right22,461$141.16$3,170,59522,461Oct 3, 2026
1 filed lot
  • Table II · Share Appreciation Right: 22,461 shares at $141.16 · code A · owned after 22,461 ·
Chambers ReginaldDirectorGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,662—Grant, award, or other acquisition (A)—1,662Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,662 ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit12,426—Grant, award, or other acquisition (A)—12,426Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 12,426 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 12,426 ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardGrant, award, or other acquisition (A)Table II · Acquired · Share Appreciation Right48,861$155.28$7,587,13648,861Oct 3, 2026
1 filed lot
  • Table II · Share Appreciation Right: 48,861 shares at $155.28 · code A · owned after 48,861 ·
SEWELL D BRUCEDirectorGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,662—Grant, award, or other acquisition (A)—1,662Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,662 ·
Sullivan Gregory JonEVP, Retail & HospitalityGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit2,904—Grant, award, or other acquisition (A)—2,904Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 2,904 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 2,904 ·
Sullivan Gregory JonEVP, Retail & HospitalityGrant, award, or other acquisition (A)Table II · Acquired · Share Appreciation Right10,234$141.16$1,444,63110,234Oct 3, 2026
1 filed lot
  • Table II · Share Appreciation Right: 10,234 shares at $141.16 · code A · owned after 10,234 ·
HORNBUCKLE WILLIAMDirectorGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,662—Grant, award, or other acquisition (A)—1,662Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,662 ·
DeCecco Julie A.GC & Chief Public Affairs OfcGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit4,260—Grant, award, or other acquisition (A)—4,260Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 4,260 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 4,260 ·
DeCecco Julie A.GC & Chief Public Affairs OfcGrant, award, or other acquisition (A)Table II · Acquired · Share Appreciation Right15,011$141.16$2,118,95315,011Oct 3, 2026
1 filed lot
  • Table II · Share Appreciation Right: 15,011 shares at $141.16 · code A · owned after 15,011 ·
Rawlinson Nadia NicoleDirectorGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,662—Grant, award, or other acquisition (A)—1,662Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,662 ·
BURGOYNE CELESTEEVP, Chief Revenue OfficerGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit14,187—Grant, award, or other acquisition (A)—14,187Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 14,187 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 14,187 ·
BURGOYNE CELESTEEVP, Chief Revenue OfficerGrant, award, or other acquisition (A)Table II · Acquired · Share Appreciation Right49,982$141.16$7,055,45949,982Oct 3, 2026
1 filed lot
  • Table II · Share Appreciation Right: 49,982 shares at $141.16 · code A · owned after 49,982 ·
SCHNEIDER HILARYDirectorGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,662—Grant, award, or other acquisition (A)—1,662Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,662 ·
Rock WilliamPresident, Mountain DivisionGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit4,781—Grant, award, or other acquisition (A)—4,781Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 4,781 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 4,781 ·
Rock WilliamPresident, Mountain DivisionGrant, award, or other acquisition (A)Table II · Acquired · Share Appreciation Right16,844$141.16$2,377,69916,844Oct 3, 2026
1 filed lot
  • Table II · Share Appreciation Right: 16,844 shares at $141.16 · code A · owned after 16,844 ·
Romanow MicheleDirectorGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,662—Grant, award, or other acquisition (A)—1,662Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,662 ·
Vaughn Peter ADirectorGrant, award, or other acquisition (A)Table II · Acquired · Restricted Share Unit1,662—Grant, award, or other acquisition (A)—1,662Oct 3, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,662 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 1,662 ·
Rock WilliamPresident, Mountain DivisionExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,449—Exercise or conversion of derivative security (M)—12,302Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,449 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,302 · Paired event: 1,449 Restricted Share Unit → 1,449 Common Stock ·
Rock WilliamPresident, Mountain DivisionPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock417$137.18$57,20411,885Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 417 shares at $137.18 · code F · owned after 11,885 ·
Rock WilliamPresident, Mountain DivisionExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,449—Exercise or conversion of derivative security (M)—2,900Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,449 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,900 · Paired event: 1,449 Restricted Share Unit → 1,449 Common Stock ·
Chambers ReginaldDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,563—Exercise or conversion of derivative security (M)—3,408Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,408 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Chambers ReginaldDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,563—Exercise or conversion of derivative security (M)—0Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Sullivan Gregory JonEVP, Retail & HospitalityExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event880—Exercise or conversion of derivative security (M)—4,957Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 880 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 4,957 · Paired event: 880 Restricted Share Unit → 880 Common Stock ·
Sullivan Gregory JonEVP, Retail & HospitalityPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock386$137.18$52,9514,571Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 386 shares at $137.18 · code F · owned after 4,571 ·
Sullivan Gregory JonEVP, Retail & HospitalityExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event880—Exercise or conversion of derivative security (M)—1,762Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 880 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,762 · Paired event: 880 Restricted Share Unit → 880 Common Stock ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event3,768—Exercise or conversion of derivative security (M)—291,850Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 3,768 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 291,850 · Paired event: 3,768 Restricted Share Unit → 3,768 Common Stock ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock1,649$137.18$226,210290,201Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,649 shares at $137.18 · code F · owned after 290,201 ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event3,768—Exercise or conversion of derivative security (M)—7,537Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 3,768 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,537 · Paired event: 3,768 Restricted Share Unit → 3,768 Common Stock ·
DeCecco Julie A.GC & Chief Public Affairs OfcExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,292—Exercise or conversion of derivative security (M)—3,767Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,292 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,767 · Paired event: 1,292 Restricted Share Unit → 1,292 Common Stock ·
DeCecco Julie A.GC & Chief Public Affairs OfcPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock372$137.18$51,0313,395Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 372 shares at $137.18 · code F · owned after 3,395 ·
DeCecco Julie A.GC & Chief Public Affairs OfcExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,292—Exercise or conversion of derivative security (M)—2,584Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,292 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,584 · Paired event: 1,292 Restricted Share Unit → 1,292 Common Stock ·
Romanow MicheleDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,563—Exercise or conversion of derivative security (M)—9,853Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,853 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Romanow MicheleDirectorPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock77$137.18$10,5639,776Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 77 shares at $137.18 · code F · owned after 9,776 ·
Romanow MicheleDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,563—Exercise or conversion of derivative security (M)—0Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
SEWELL D BRUCEDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,563—Exercise or conversion of derivative security (M)—23,718Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 23,718 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
SEWELL D BRUCEDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,563—Exercise or conversion of derivative security (M)—0Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Vaughn Peter ADirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,563—Exercise or conversion of derivative security (M)—10,347Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,347 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Vaughn Peter ADirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,563—Exercise or conversion of derivative security (M)—0Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Kunkel LynanneChief HR & Trnsfrm OfcExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,689—Exercise or conversion of derivative security (M)—12,632Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,689 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,632 · Paired event: 1,689 Restricted Share Unit → 1,689 Common Stock ·
Kunkel LynanneChief HR & Trnsfrm OfcPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock486$137.18$66,66912,146Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 486 shares at $137.18 · code F · owned after 12,146 ·
Kunkel LynanneChief HR & Trnsfrm OfcExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,689—Exercise or conversion of derivative security (M)—3,379Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,689 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,379 · Paired event: 1,689 Restricted Share Unit → 1,689 Common Stock ·
Korch Angela AEVP & Chief Financial OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,955—Exercise or conversion of derivative security (M)—9,028Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,955 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,028 · Paired event: 1,955 Restricted Share Unit → 1,955 Common Stock ·
Korch Angela AEVP & Chief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock856$137.18$117,4268,172Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 856 shares at $137.18 · code F · owned after 8,172 ·
Korch Angela AEVP & Chief Financial OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,955—Exercise or conversion of derivative security (M)—3,912Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,955 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,912 · Paired event: 1,955 Restricted Share Unit → 1,955 Common Stock ·
Gronberg Nathan MarkVP, Controller & CAOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event749—Exercise or conversion of derivative security (M)—2,802Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 749 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,802 · Paired event: 749 Restricted Share Unit → 749 Common Stock ·
Gronberg Nathan MarkVP, Controller & CAOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock329$137.18$45,1322,473Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 329 shares at $137.18 · code F · owned after 2,473 ·
Gronberg Nathan MarkVP, Controller & CAOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event749—Exercise or conversion of derivative security (M)—1,500Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 749 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,500 · Paired event: 749 Restricted Share Unit → 749 Common Stock ·
Knobloch IrisDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,563—Exercise or conversion of derivative security (M)—3,470Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,470 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Knobloch IrisDirectorPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock88$137.18$12,0723,382Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 88 shares at $137.18 · code F · owned after 3,382 ·
Knobloch IrisDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,563—Exercise or conversion of derivative security (M)—0Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
DECKER SUSAN LDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,563—Exercise or conversion of derivative security (M)—10,952Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,952 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
DECKER SUSAN LDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,563—Exercise or conversion of derivative security (M)—0Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Rawlinson Nadia NicoleDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,563—Exercise or conversion of derivative security (M)—7,205Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,205 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Rawlinson Nadia NicoleDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,563—Exercise or conversion of derivative security (M)—0Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
SCHNEIDER HILARYDirectorExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,563—Exercise or conversion of derivative security (M)—18,674Sep 30, 2026
1 filed lot
  • Table I · Common Stock: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 18,674 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
SCHNEIDER HILARYDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,563—Exercise or conversion of derivative security (M)—0Sep 30, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,563 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,563 Restricted Share Unit → 1,563 Common Stock ·
Rock WilliamPresident, Mountain DivisionExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event839—Exercise or conversion of derivative security (M)—11,096Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 839 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,096 · Paired event: 839 Restricted Share Unit → 839 Common Stock ·
Rock WilliamPresident, Mountain DivisionPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock243$141.29$34,33310,853Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 243 shares at $141.29 · code F · owned after 10,853 ·
Rock WilliamPresident, Mountain DivisionExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event839—Exercise or conversion of derivative security (M)—0Sep 29, 2026
1 filed lot
  • Table II · Restricted Share Unit: 839 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 839 Restricted Share Unit → 839 Common Stock ·
Sullivan Gregory JonEVP, Retail & HospitalityExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event368—Exercise or conversion of derivative security (M)—4,240Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 368 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 4,240 · Paired event: 368 Restricted Share Unit → 368 Common Stock ·
Sullivan Gregory JonEVP, Retail & HospitalityPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock163$141.29$23,0304,077Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 163 shares at $141.29 · code F · owned after 4,077 ·
Sullivan Gregory JonEVP, Retail & HospitalityExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event368—Exercise or conversion of derivative security (M)—0Sep 29, 2026
1 filed lot
  • Table II · Restricted Share Unit: 368 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 368 Restricted Share Unit → 368 Common Stock ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event890—Exercise or conversion of derivative security (M)—288,473Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 890 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 288,473 · Paired event: 890 Restricted Share Unit → 890 Common Stock ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock391$141.29$55,244288,082Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 391 shares at $141.29 · code F · owned after 288,082 ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event890—Exercise or conversion of derivative security (M)—0Sep 29, 2026
1 filed lot
  • Table II · Restricted Share Unit: 890 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 890 Restricted Share Unit → 890 Common Stock ·
DeCecco Julie A.GC & Chief Public Affairs OfcExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event403—Exercise or conversion of derivative security (M)—2,593Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 403 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,593 · Paired event: 403 Restricted Share Unit → 403 Common Stock ·
DeCecco Julie A.GC & Chief Public Affairs OfcPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock118$141.29$16,6722,475Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 118 shares at $141.29 · code F · owned after 2,475 ·
DeCecco Julie A.GC & Chief Public Affairs OfcExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event403—Exercise or conversion of derivative security (M)—0Sep 29, 2026
1 filed lot
  • Table II · Restricted Share Unit: 403 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 403 Restricted Share Unit → 403 Common Stock ·
Kunkel LynanneChief HR & Trnsfrm OfcExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,023—Exercise or conversion of derivative security (M)—11,238Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 1,023 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,238 · Paired event: 1,023 Restricted Share Unit → 1,023 Common Stock ·
Kunkel LynanneChief HR & Trnsfrm OfcPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock295$141.29$41,68110,943Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 295 shares at $141.29 · code F · owned after 10,943 ·
Kunkel LynanneChief HR & Trnsfrm OfcExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,023—Exercise or conversion of derivative security (M)—0Sep 29, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,023 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,023 Restricted Share Unit → 1,023 Common Stock ·
Korch Angela AEVP & Chief Financial OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,196—Exercise or conversion of derivative security (M)—7,597Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 1,196 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,597 · Paired event: 1,196 Restricted Share Unit → 1,196 Common Stock ·
Korch Angela AEVP & Chief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock524$141.29$74,0367,073Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 524 shares at $141.29 · code F · owned after 7,073 ·
Korch Angela AEVP & Chief Financial OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,196—Exercise or conversion of derivative security (M)—0Sep 29, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,196 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,196 Restricted Share Unit → 1,196 Common Stock ·
Gronberg Nathan MarkVP, Controller & CAOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event222—Exercise or conversion of derivative security (M)—2,152Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 222 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,152 · Paired event: 222 Restricted Share Unit → 222 Common Stock ·
Gronberg Nathan MarkVP, Controller & CAOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock99$141.29$13,9882,053Sep 29, 2026
1 filed lot
  • Table I · Common Stock: 99 shares at $141.29 · code F · owned after 2,053 ·
Gronberg Nathan MarkVP, Controller & CAOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event222—Exercise or conversion of derivative security (M)—0Sep 29, 2026
1 filed lot
  • Table II · Restricted Share Unit: 222 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 222 Restricted Share Unit → 222 Common Stock ·
DeCecco Julie A.GC & Chief Public Affairs OfcExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event586—Exercise or conversion of derivative security (M)—2,362Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 586 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,362 · Paired event: 586 Restricted Share Unit → 586 Common Stock ·
DeCecco Julie A.GC & Chief Public Affairs OfcPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock172$136.11$23,4112,190Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 172 shares at $136.11 · code F · owned after 2,190 ·
DeCecco Julie A.GC & Chief Public Affairs OfcExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event586—Exercise or conversion of derivative security (M)—586Sep 27, 2026
1 filed lot
  • Table II · Restricted Share Unit: 586 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 586 · Paired event: 586 Restricted Share Unit → 586 Common Stock ·
Gronberg Nathan MarkVP, Controller & CAOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event344—Exercise or conversion of derivative security (M)—2,083Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 344 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,083 · Paired event: 344 Restricted Share Unit → 344 Common Stock ·
Gronberg Nathan MarkVP, Controller & CAOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock153$136.11$20,8251,930Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 153 shares at $136.11 · code F · owned after 1,930 ·
Gronberg Nathan MarkVP, Controller & CAOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event344—Exercise or conversion of derivative security (M)—344Sep 27, 2026
1 filed lot
  • Table II · Restricted Share Unit: 344 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 344 · Paired event: 344 Restricted Share Unit → 344 Common Stock ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,148—Exercise or conversion of derivative security (M)—287,919Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 1,148 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 287,919 · Paired event: 1,148 Restricted Share Unit → 1,148 Common Stock ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock336$136.11$45,733287,583Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 336 shares at $136.11 · code F · owned after 287,583 ·
KATZ ROBERT ADirector, CEO & Chairperson of the BoardExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,148—Exercise or conversion of derivative security (M)—1,149Sep 27, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,148 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,149 · Paired event: 1,148 Restricted Share Unit → 1,148 Common Stock ·
Korch Angela AEVP & Chief Financial OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,544—Exercise or conversion of derivative security (M)—7,083Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 1,544 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,083 · Paired event: 1,544 Restricted Share Unit → 1,544 Common Stock ·
Korch Angela AEVP & Chief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock682$136.11$92,8276,401Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 682 shares at $136.11 · code F · owned after 6,401 ·
Korch Angela AEVP & Chief Financial OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,544—Exercise or conversion of derivative security (M)—1,544Sep 27, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,544 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,544 · Paired event: 1,544 Restricted Share Unit → 1,544 Common Stock ·
Kunkel LynanneChief HR & Trnsfrm OfcExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,334—Exercise or conversion of derivative security (M)—10,605Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 1,334 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 10,605 · Paired event: 1,334 Restricted Share Unit → 1,334 Common Stock ·
Kunkel LynanneChief HR & Trnsfrm OfcPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock390$136.11$53,08310,215Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 390 shares at $136.11 · code F · owned after 10,215 ·
Kunkel LynanneChief HR & Trnsfrm OfcExercise or conversion of derivative security (M)Table II · Disposed · Restricted Share Unit · 1 paired event1,334—Exercise or conversion of derivative security (M)—1,334Sep 27, 2026
1 filed lot
  • Table II · Restricted Share Unit: 1,334 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,334 · Paired event: 1,334 Restricted Share Unit → 1,334 Common Stock ·
Sullivan Gregory JonEVP, Retail & HospitalityExercise or conversion of derivative security (M)Table I · Acquired · Common Stock695—Exercise or conversion of derivative security (M)—4,180Sep 27, 2026
1 filed lot
  • Table I · Common Stock: 695 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 4,180 ·

Source-event as of . Retrieved .

Track record

How Vail Resorts, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored MTN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score1002005001,000Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, MTN did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Communications context

#80 of 136 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #78BOTY LINGERIE FIGHTING CHAMPIONSHIPS, INC.34.1No moat
  2. #79FBYD Falcon’s Beyond Global, Inc.34.1No moat
  3. #81GAME GAMESQUARE HOLDINGS, INC.33.3No moat
  4. #82HWNI HIGH WIRE NETWORKS, INC.33.0No moat

Compare MTN with its nearest peers →All Communications companies on the Index →

Common questions about MTN

Does Vail Resorts, Inc. have an economic moat?
Based on its FY2026 SEC filings, the Moat Index scores Vail Resorts, Inc. (MTN) 33.8 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 41, pricing power not measurable from the filings, returns on capital 42, balance-sheet safety 0, capital allocation 52.
Is MTN trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $93.22 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $151.01, that is 62% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has MTN's Moat Score changed over time?
The record logs 31 readings since Jul 17, 2026; the latest reads 33.8 out of 100 (no moat). Tier changes so far: Shallow moat → No moat on Sep 29, 2026. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MTN. See the disclaimer.